Tranzacționarea pe piața de opțiuni a forturilor. Euronext Amsterdam

History[ edit ] The Amsterdam stock exchange is considered the oldest "modern" securities market in the world.

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The Sephardic Jewish writer Joseph de la Vega 's Confusion of Confusions is the first full length work about the stock exchange, its participants and shareholders. Prior to that, the market existed primarily for the exchange of commodities. The monopolistic terms of the charter effectively granted the VOC complete authority over trade defenses, war armaments, and political endeavors in Asia.

The high level of risk associated with trade in Asia gave the VOC its private ownership structure.

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Following in the footsteps of the English East India Company, stock in the corporation was sold to a large pool of interested investors, who in turn received a guarantee of some future share of profits. Threats of pirates, disease, misfortune, shipwreck, and various macroeconomic factors heightened the risk factor and thus made the trip wildly expensive.

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So, the stock issuance made possible the spreading of risk and dividends across a pool of investors. Should something go wrong on the voyage, risk was mitigated and dispersed throughout the pool and investors all suffered just a fraction of the total expense of the voyage.

The system of privatizing national expeditions was not new to Europe, but the fixed stock structure of the East India Company made it one of a kind. In the decade preceding the formation of the VOC, adventurous Dutch merchants had used a similar method of "private partnership" to finance expensive voyages to the East Indies for their personal gain.

They assumed a joint-share of the necessary preparations i.

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Although some of these voyages predictably failed, the ones that were successful brought promise of wealth and an emerging new trade. Shortly after these expeditions began, inthe many independent Voorcompagnieën merged to form the Dutch East India Trading Company. The VOC was granted significant war-time powers, the right to build forts, the right to maintain a standing army, and permission to conduct negotiations with Asian countries.

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The city hall of Bataviaduring the Dutch East Indies period. The subscription terms of each stock purchase offered shareholders the option to transfer their shares to a third party.

Quickly a secondary market arose in the East India House for resale of this stock through the official bookkeeper.

After an agreement had been reached between the two parties, the shares were then transferred from seller to buyer in the "capital book".

A big acceleration in the turnover rate came inafter the year liquidation period for the VOC ended. The terms of the initial charter called for a full liquidation after 21 years to distribute profits to shareholders.

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However, at this time neither the VOC nor its shareholders saw a slowing down of Asian trade, so the States General of the Netherlands granted the corporation a second charter in the West Indies.

This new charter gave the VOC additional years to stay in business but, in contrast to the first charter, outlined no plans for immediate liquidation, meaning that the money invested remained invested, and dividends were paid to investors to incentivize shareholding.

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Investors took to the secondary market of the newly constructed Amsterdam Stock Exchange to sell their shares to third parties. Thus the modern securities market arose out of this system of stock exchange.

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Courtyard of the Amsterdam Stock Exchange, circa The rapid development of the Amsterdam Stock exchange in the mid 17th century lead to the formation of trading clubs around the city. Traders met frequently, often in a local coffee shop or inns to discuss financial transactions.

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Thus, "Sub-markets" emerged, in which traders had access to peer knowledge and a community of reputable traders. These were particularly important during trading in the late 17th century, where short-term speculative trading dominated. The trading clubs allowed investors to attain valuable information from reputable traders about the future of the securities trade. Additionally, similarities can be tranzacționarea pe piața de opțiuni a forturilor between modern day brokers and the experienced traders of the trading clubs.

The tranzacționarea pe piața de opțiuni a forturilor of traders allowed for organized movement of knowledge and quick execution of transactions. Thus, the secondary market for VOC shares became extremely efficient, and trading clubs played no small part. Brokers took a small fee in exchange for a guarantee that the paperwork would be appropriately filed and a "buyer" or "seller" would be found.


Throughout the 17th century, investors increasingly sought experienced brokers to seek information about a potential counterparty. In it started a stock market indexcalled the EOE index, consisting of the 25 largest companies that trade on the stock exchange. Forward contractsoptionsand other sophisticated instruments were traded on the Amsterdam Stock Exchange well before this.

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It is now managed by Euronext Amsterdam. Although it is usually considered to be the first stock market, Fernand Braudel argues that this is not precisely true: It is not quite accurate to call [Amsterdam] the first stock market, as people often do.

The statutes of Verona in confirm the existence of the settlement or forward market Inthe jurist Bartolomeo de Bosco protested against the sale of forward loca in Genoa.

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All evidence points to the Mediterranean as the cradle of the stock market. But what was new in Amsterdam was the volume, the fluidity of the market and publicity it received, and the speculative freedom of transactions.

The following timeline outlines the consolidation through mergers and acquisitions among bourses in the European Unionwhich has taken place since the s in response to financial harmonisation and liberalisation.

Current, independent parent exchange companies are shown in colour.